Will buying a used car(financed) make my credit score drop?

I plan on purchasing a condo this summer. july/aug. %26#039;08. My car broke down and needs very expensive repairs. Id rather use that money on a good down payment towards a new car. I want to keep my payments down to about 199 a month to make it easy to pay. should I repair the old car to keep my credit high? or is it safe to get a small car loan for about 7 grand?any advise would help.

Will buying a used car(financed) make my credit score drop?

Auto finance is what I do for a living and if you buy this month your first payment will not be due for 30-45 days so by August you should have at least 6-payments made as agreed.

Your score will drop a little at first from the inquire and the additional debt but by August it will be higher then it is now.

Will buying a used car(financed) make my credit score drop?

it%26#039;s probably ok to get a small car loan. if you get alot of inquiries into your credit while you%26#039;re trying to get the loan, your credit score will drop. but if you get it and make regular payments and are never late on it for the next 5 or 6 months, it shouldn%26#039;t hurt your credit.

Will buying a used car(financed) make my credit score drop?

It would be better for you to buy a car outright now with cash, otherwise you might not qualify for your home loan this summer.

After you know you can handle the house payment, then go buy your better used car.

Will buying a used car(financed) make my credit score drop?

The initial inquiry will impact your score, but if you buy now and have a few months of on-time payments, that will have a positive effect on your credit

Will buying a used car(financed) make my credit score drop?

Keep the old car and fix it. Or save up for a cash car. You will never get ahead financially with payments.

No payments = cash in the bank.

obsessing with the fico score will bring you nothing but debt.

You have to borrow money and make payments on time to get a high score. You have to keep borrowing money and keep making payments on time to keep a high score. You never get ahead making payments and paying interest.

The only time you might have to borrow money is for a home. You can do that without a fico score. It%26#039;s called manual underwriting. It%26#039;s not a sub prime loan. It%26#039;s the way loans where givin%26#039; before all the fico score worship. You can get the lowest rates available.

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

So i currently have a loan with esanda who I am not happy with as they have treated me like crap, I have been with them since 2004 and have gotten stuck on my payments as I am constantly paying for my car to be repaired as the tires wear very quickly due to a bad cambre on the back. I can no longer afford to constantly have the car fixed from all these issues and pay it off monthly. I still owe 20000 on the car and need to get out of this car and into a new loan with a different company. Heres the problem, I have applied everywhere under the sun in my desperation but because I have 3 paid defaults and 1 unpaid default no one will even look at me for a loan. The unpaid default is because I cannot find the people that listed it and I dont know what it is for so I will not pay it until i have more details. Can anyone please help me get out of this situation??? I am stuck in a rut and need some help desperately

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

Unless you have a co-signer, you%26#039;re screwed with your current rig on the loan front. The options you have are as follows:

1. Get a co-signer and refinance

2. Do a voluntary repossession and pay the remaining loan

3. Keep paying them nothing and have your car repossessed

4. Get another job that will give you enough income to do the major repair that keeps costing you for the little repairs

Frankly, option one is great for you but likely to hose your co-signer (make sure it%26#039;s not someone whose friendship you%26#039;d like to lose). Option 2 sucks because you%26#039;re without a car unless you go to a %26quot;guaranteed credit%26quot;...errr...ripoff car lot. Option 3 will be a major scar on your already terrible credit but will last longer. Option 4 is your best bet. Suck it up, get another job, donate plasma or other biological goodies, whatever it takes.

If you successfully pull off option 4, swear to yourself that you%26#039;ll never take out such a big loan again.

By the way, of the millionaires in the country, the ones who bought inexpensive used cars were three times richer than those with similar incomes.

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

Looks like you%26#039;re stuck. The borrower is always slave to the lender. I%26#039;m sure you%26#039;ll pay off the loan at some point and you%26#039;ll know better next time. You can never go wrong by paying for a car in full with cash.

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

hello everybody,my name is kate berry.i want you to know that i have found the real ligit loan lender,her name is MRS MARY HOOK she is the real ligit loan loan lender now.i have being scammer so many times until a friend of my name jannifer directed me to her. i was having bad credit and she still help me,she give out her loan with 3% discount rate contact her via maryhookfirms@gmail.com.

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

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I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

tell them to pick it up and go to drive time www.drivetime.com they have over 100 dealerships and can finance anyone as long as you have never have a dt repo

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

I have several resources on my blog that helps people in your situation. I have been through a bankruptcy and securing a loan is very difficult. I believe I can help. http://www.verizongo.com/?p=89

When you apply for an car loan, do you get the same answer/amount no matter where you go?

I applied at my credit union for an car loan and they gave me an answer of X amount. If I go straight to a car dealer about car financing/loans, will they give me the same answer of X amount? That being said, is it the same everywhere or do businesses/credit unions/banks each have their own unique judgement?

When you apply for an car loan, do you get the same answer/amount no matter where you go?

YOU NEED A PERSONLIZED BANK. WHEN IT IS ON A PERSONAL LEVEL, THEY CAN SIDESTEP GUIDELINES.

Also, a good site is...

http://www.surveyland.org/jump.php?link=...

Have a nice day.

When you apply for an car loan, do you get the same answer/amount no matter where you go?

Usually a credit union will give you a better rate. A car dealer will run your application through several different financing options and it%26#039;s up to the individual bank/loan company as to the X amount.

When you apply for an car loan, do you get the same answer/amount no matter where you go?

Just applying for credit too many times at too many places can give you a bad credit rating.

Take the smallest amount you can, at the cheapest rate, and check for fees. Don%26#039;t waste money on a car loan. If you take a big loan, you%26#039;ll be paying mostly interest -- usually sometimes double the amount you borrowed. Wouldn%26#039;t you rather spend that money on other stuff?

Google some loan repayment calculators and have a look at how much you%26#039;ll end up repaying.

When you apply for an car loan, do you get the same answer/amount no matter where you go?

Yes, each place has their own lending requirements and standards. Some places will look at all three of your credit scores, some only use one, such as Equifax, which is normally the lowest. They may also have a custom score, derived from the credit report. There are other factors as well...such as your debt to income ratio. Some places may be willing to lend more or less based on what level of risk their company is comfortable with. However...keep in mind that every time you apply somewhere, your credit is pulled which is called an inquiry and each inquiry lowers your score...so don%26#039;t go apply everywhere or it will really hurt you in the end. You can pull your own credit score online and that does not lower your score. I would suggest doing that and then going to a few places and seeing if they would give you a ball park figure based on the credit score you know you have..since you just pulled it. They won%26#039;t be able to promise you a certain rate or amount without pulling your credit but they might be able to give you some idea. Hope that helps!

When you apply for an car loan, do you get the same answer/amount no matter where you go?

Save up and pay cash for your car. If you can%26#039;t afford to pay for a new car with cash, then you can%26#039;t afford it. You won%26#039;t get ahead financially if you pay interest (for several years) on a car that is losing value everyday that you drive it.

When you apply for an car loan, do you get the same answer/amount no matter where you go?

Getting a new car loan is not easy though it can be the easiest way to attain your dream car. There are many players in the car finance industry and for the consumer choosing the best%26lt;!--type of loan is a difficult task. Many factors have to be considered before taking up a car loan. Whether you want to take up a loan or not, will depend upon the car you want to buy.

http://best-loans.awardspace.com/guarant...

Since the rates of interest on different cars vary so the type of loan that you need will depend on the car you want.The total cost of the new car loan does not include only the interest payable but also--%26gt;extra charges such as processing, transaction fees, documentation fees or any other fees. So one has to confirm with the financer as to the other charges that accompanies an auto loan.

I can't afford my financed car anymore. Can I trade it in without losing too much money?

I financed a 2005 Santa Fe. It has under 8k on it and it%26#039;s KBB value is $17k, and I know I owe more than that on it. I have a high interest rate of 13% due to poor credit. Can I %26#039;trade down%26#039; and save on monthly payments? I%26#039;m currently paying $550 a month, and need to cut it to around $300. I%26#039;m willing to get into a smaller or used car. Any suggestions would be appreciated.

I can%26#039;t afford my financed car anymore. Can I trade it in without losing too much money?

How much do you owe on the vehicle? I would suggest you go and talk to a professional debt advisor to work this out. You probably will be giving up the car for one that is not as nice because given the information you have provided, you cannot afford to have such a vehicle at this time. Talk to a professional, they will be able to answer your question much better than anyone here can.

I can%26#039;t afford my financed car anymore. Can I trade it in without losing too much money?

do you have the title or is it pending on the loan.

I can%26#039;t afford my financed car anymore. Can I trade it in without losing too much money?

you need to call your lender and find out exactly what you owe on the car

then, if you want to be aggressive, you need to sell your car and borrow enough money to pay the extra you owe with $2000 left for some kind of old wreck that will get you around for awhile

that may mean a loan of $5000 or so which will have a reasonable note even with a 13% interest rate

pay the $5000 (or whatever it turns out to be) off as quick as you can, if you can possibly put $400 per month at it, then you can have it gone in a year

if you can keep your old car running for another year you can have $5000 to buy a decent car

4 years later you can buy a new car with cash and have no payment at all

good luck

debt is a monster

don%26#039;t let it eat you

I can%26#039;t afford my financed car anymore. Can I trade it in without losing too much money?

go to a auto dealer and get counseling by a professional, maybe they can help

I can%26#039;t afford my financed car anymore. Can I trade it in without losing too much money?

dont get another hyundai they loose their value like a russia sub sinking to the ocean floor.

What does it mean when a car dealer tells you you are pre-approved for financing although they haven

credit report yet?

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

everyone is pre approved being pre qualified is something else. they%26#039;re just trying to get you there.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

Run, do not walk, from the car lot.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

all they want to know is do u have a job and if u miss a payment they can garnish your wages and take your money

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

If you got it in the mail, they probably did something where they pay for names %26amp; addressses of people with scores above a certain number. They can get these by paying, and it doesn%26#039;t hit you like a normal %26#039;inquiry%26#039; does.

However they can still deny you if you dont have a down payment or the lender doesn%26#039;t like the high milegage on the car you picked, or you dont have the proper income verification, etc.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

They just want to get you in there IS like me when I wanted to get a new car I went with my trade in They told me they will give me 3500 for my old car but i still needed to give them a 3500 down payment

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

It means that they have lenders who will take risky clients by charging you 30% APR or even higher. Notice, they don%26#039;t tell you who the lender is or what APR you are pre-approved for.

This is also a generic ad. If your credit is truly awful, they will refuse your business.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

Everyone is %26quot;pre-approved%26quot;. I think the only requirement is that you%26#039;re breathing.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

Im a credit specialist, and it either means your credit was good enough to recieve more credit from a company you already have credit with OR it means that no matter what your credit score is, theyll give you credit but if its bad, they%26#039;ll just charge you way more interest.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

They are assuming that they can sell you a car once you get in there by making you wait for hours in the waiting area while they lead you to believe they are working hard to get you the best deal, when in fact once they have pulled your score they immediately know what they can or cannot do for you. If they wear you down they will get you to agree to higher interest rates which the finance companies line their pockets for. don%26#039;t fall for the game. Decide what meets you budget and if they can%26#039;t accommodate you, call another dealership right in front of them and ask that finance manager if he can give you a better deal. It%26#039;s you money.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

Pre-Approved means they bought a list of names for people whose credit reports meet the criteria the specified. They haven%26#039;t actually seen your report, they just got names and addresses. If you read the fine print, there are enough conditions to make %26#039;pre-approved%26#039; meaningless.

What does it mean when a car dealer tells you you are pre-approved for financing although they havent ran?

It depends on how the card dealer contacted you. Sometimes car dealers will run %26quot;inquires%26quot; on potential customer credit reports. When they find customers that would be approved if they formally applied they then send out advertising. If you respond to the car dealer based on this advertising they can tell you that your preapproved even if you didn%26#039;t fill out a credit application. If however they are just telling you that you are pre approved just based on meeting you they may just be luring you in based on the good odds you%26#039;ll be approved.

Why would my car finance company check my credit report months after I was approved for the loan?

I can understand why credit card companies do this. They check my report periodically to see if I%26#039;m eligible for credit line increases, and also may raise interest rates if negative information appears. The car loan is a fixed interest rate. I am current on my car loan. Why would they care if I am current with my other creditors?

Why would my car finance company check my credit report months after I was approved for the loan?

In addition to what%26#039;s been mentioned, they do so for promotional reasons - to decide whether to send you %26quot;preapproved%26quot; credit offers.

You%26#039;ll want to check these guys out....99% approval they say.

http://www.123thebest.info/go.php?link=a...

Good Luck.

Why would my car finance company check my credit report months after I was approved for the loan?

There is a little known and seldom used clause in some credit contracts called %26#039;universal default%26#039;

http://en.wikipedia.org/wiki/Universal_d...

this might be the motivation.....

however I doubt it

It is probably a %26#039;soft pull%26#039; so that they know if you are a good risk for sending more sales information to....

You are probably going to get more %26#039;deals%26#039; in the mail from that particular loan company (toyota is really bad about doing this)

l dont think it is much to worry about but if you do, contact one of the three credit agencies and request to %26#039;opt out%26#039; and the pulls will stop

Why would my car finance company check my credit report months after I was approved for the loan?

You should go for a proper program with an expert%26#039;s help for a better management. Check out here for some useful info and tips.http://carloan.featured-resources.info/c...

Does leasing a new car lower your credit score?

I recently leased a new BMW from the dealer. I subscribe to Experian%26#039;s credit report/score service. Prior to the new lease my score was aroun 725. 2 months later it has dropped to 688. There has been no other action on my report except the new car. No other accounts and everything still on time and current. Im 20 years old so my credit history is not that long yet but I was told car financing usually brings up your credit score. Any ideas as to why it would drop this much? Thanks!

Does leasing a new car lower your credit score?

Here is the deal. Every time ANY ONE pulls your credit, that is you or a creditor, you are docked points. The only exception to this rule would be if you are a Guarantor on a loan for an LLC or something like that which would require periodic account reviews that wouldn%26#039;t doc your credit score.

Yes, the car lease MAY boost your score when you have a year or more of no late payments, etc. but to get that lease, they pulled your credit at 2-5 points. Add to that your subscription, at 2+ points a report, and you have just taken 37 points off your score.

My advice to you would be to discontinue your subscription to Experian. Unless you have a major problem with a creditor or you havea reason to be concerned about identity theft, that subscription will do more harm than good. Most states have a law that entitles each consumer to 1 free credit report every 12 months. It won%26#039;t have a score on it, but it will allow you to see what is out there.

Something else to condider is every 18 months or so pulling a tri-bureau report. They are the most comprehensive report because they are pulled from Trans Union, Equifax and Experian, the 3 most often used reporting bureaus.

It is good that you are concerned about your credit, but don%26#039;t go crazy over it either. By the way, a scoreof 688 is good. A 725 at 20 is awsome. It may all be new credit, but that is a great place to start. Keep up the good work.

Does leasing a new car lower your credit score?

WHY ARE YOU (F)LEECING A NEW CAR?????? Don%26#039;t you realize that you are paying the highest premium possible for it? Because you are only paying for the part of the car you use (however long the fleece is, typically 2-3 years), you are paying for the MOST EXPENSIVE period of owning this car. NEW cars depreciate fast - it will drop in value just by driving it off the lot. At the end of all those payments, you give the car back to the dealer! The dealer is letting YOU take the depreciation, then THEY get to sell the car and make even MORE profit!!!! If there is ANY way to get out of this fleece, do it.

Here is the best way to buy a car - save cash and buy a beater (OLD car). Keep saving what you WOULD have paid in payments for a year or two. Trade up to a newer (NEVER new) car with your trade-in and your cash. Keep putting the money in savings and in another year or two, trade up again, same way (no loan). Before you kow it, you%26#039;ll be driving a one- or two-year old BMW with NO PAYMENTS.

BTW - you didn%26#039;t really finance this car, it%26#039;s more like renting. So your credit score dropped because you are committed to this payment. If you make the payments on time, your score should go back up. 688 is still a good score, though.

Ditch the Experian service. If you%26#039;re in the US, you can get a FREE credit report from EACH of the three major agencies once each year by going to http://www.annualcreditreport.com. This is absolutely FREE - you will not be asked for credit card or bank info. The best way to keep tabs on your credit reports is to pull one report every four months from a different reporting agency.